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The first millennial millionaires (call them “tycoons in training”) will turn 40 in 2020. They’re headed toward an estimated $30 trillion wealth transfer from the baby boomers. Will your advisors be able to connect? Can they meet increasing demand for digital expertise?
In step with their growing wealth, millennials are searching for data-enabled experts in growing numbers. As I mentioned in a recent issue of Wealth Management, financial advisors who may be lagging behind the pace of digital adoption can take heart. They still have time to get up to speed. By combining data access and digital wealth management, you can empower your advisors to accomplish more by reinventing and expanding the reach of their PCs, workstations, laptops and mobile devices.
Millennials may have led the way, but now most investors demand a high degree of personalized service, greater choices, holistic financial advice and 24/7 access. Without the technology to access data when they need it, advisors are less able to help clients manage unexpected life events – or look beyond garden-variety products toward a broader range of investment choices that may be more suitable.
Data access means data-enabled
Current, accessible information brought right to the advisor’s desktop or other devices is critical for better wealth management experiences. If you’re looking to reinvent your advisor workstation, choose a digital wealth management solution that covers these six critical data access requirements.
Data drives the action
Digital wealth management solutions also enable self-directed choices for clients, all while managing an entire household of accounts, viewing portfolios in real time, funding investments and transferring money among holdings.
The challenges of adopting new technologies to the world of investment advice have been well documented – and so have the solutions. Digital wealth management tools offer a needed bridge from the do-it-yourself approaches of robo-advisors to the more sophisticated solutions required for larger sums of money.